Promoting financial well-being through service design : case study on digital banking

Abstract

This Master's thesis uses service design as its guiding framework to explore the potential role of digital banking in enhancing financial well-being. The case study centres around a mobile banking application, which serves as the practical context for the research.

This Master's thesis uses service design as its guiding framework to explore the potential role of digital banking in enhancing financial well-being. The driving force behind this investigation is the growing recognition of financial well-being as a critical component of overall well-being. The case study centres around a mobile banking application, which serves as the practical context for the research. This research aims to bridge the gap between the conceptual understanding of financial well-being and the practical ways it can be fostered through digital banking services.

A thorough analysis of the diverse factors influencing financial well-being is conducted, accounting for individual and systemic aspects. Double Diamond and Human-centered design serve as the backbone of this research, and a mix of qualitative and quantitative research methods are employed. These methods, encompassing tools such as a survey, interviews, empathy maps, archetypes, scenarios, and a service model canvas, provide rich data to inform the development of a service concept intended to enhance the customer experience and address various financial well-being needs.

In the practical phase of this thesis, the service concept is translated into a prototype. This prototype represents a digital banking experience that simplifies financial management tasks and equips customers with the knowledge and tools necessary to make informed financial decisions. This tangible solution undergoes iterative testing and refinement based on user feedback, ensuring that it is theoretically sound and also practically effective.

The conclusion of this thesis underlines the promising potential of intertwining service design principles with digital banking to enhance financial well-being. Furthermore, it underscores the crucial role of user experience and innovation in digital banking. This study exhibits the practical application of service design within the financial industry, highlighting its effectiveness in crafting user-centric solutions. It signals an innovative approach to digital banking, shifting from merely facilitating financial transactions to empowering customers in their journey towards financial well-being.